Quid Managing Partners Josh Berman (left) and Anthony Tucker

Quid Raises $74 Million to Loan Money to Tech Workers—Using Their Startup Shares as Collateral

Harri Weber

Do you know something we should know about L.A. tech or venture capital? Reach out securely via Signal: +1 917 434 4978.

Harri is dot.LA's senior finance reporter. She previously worked for Gizmodo, Fast Company, VentureBeat and Flipboard. Find her on Twitter and send tips on L.A. startups and venture capital to harrison@dot.la.

Quid, which loans money to employees at high-flying tech firms, has quietly raised $74.1 million in new funding, according to a disclosure filed this week with the Securities and Exchange Commission.


The Santa Monica-based company offers tech workers who are awarded equity a way to cash out early—a valuable proposition in an era when startups are choosing to stay private longer. Quid provides loans worth up to 35% of the value of an employee’s stock; in return, it charges interest rates around 7% and also receives a cut of the shares after a liquidity event such as an IPO or acquisition.

Since the only collateral involved is the equity itself, Quid says it only works with a select group of firms—at least two dozen at last count—that it deems worthy of the risk, including Airbnb, Bird and SpaceX. Quid, which launched in 2017, most recently raised $320 million for its second fund in late 2020, as dot.LA reported at the time.

Quid’s new $74 million funding haul came from just one investor, per the SEC filing. While representatives for the company did not respond to a request for comment, at least one LP—L.A.-based private equity giant Oaktree Capital Management—has publicly said it would partner with Quid on future funds. Coupled with the $420 million it raised across its first two funds, according to Crunchbase data, the new funding would take Quid to nearly $500 million raised to date.

Quid is unequivocally a Troy Capital production: it is led by Troy partners Josh Berman, Anthony Tucker, and Samit Varma, and is the sole company advertised on the Santa Monica-based venture capital firm’s website.

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Cadence

A New Invite-Only NFT Marketplace Is Coming out of Beta

Decerry Donato

Decerry Donato is dot.LA's Editorial Fellow. Prior to that, she was an editorial intern at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

Image courtesy of Folio

For Joey Primiani, designing a new NFT marketplace is just the latest stop in what’s been a long and fascinating trip through the world of tech.

After stints at Google and Cortex and a gig developing Lady Gaga’s online fan community, Primiani, together with business partner Mirko Kiefer, unveiled his latest venture this week: Folio, a social network that offers artists a platform and tools to showcase their NFT creations.

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Introducing 'Moves': Our New Weekly Recap of Job Changes in LA Tech

Molly Wright
Molly Wright is an intern for dot.LA. She previously edited the London School of Economics’ student newspaper in the United Kingdom, interned for The Hollywood Reporter and was the blogging editor for UCLA’s Daily Bruin.
Photo by Clem Onojeghuo on Unsplash

This is the first installment of Moves—a weekly feature highlighting job and career changes around the Los Angeles and Southern California tech ecosystem.

Moves is presented by Interchange.LA, dot.LA's recruiting and career platform connecting Southern California's most exciting companies with top tech talent. Create a free Interchange.LA profile here. And if you're looking for ways to supercharge your recruiting efforts, find out more about Interchange.LA's white-glove recruiting service by emailing sharmineh@dot.LA.

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Shipment Tracking Startup Route Claims Unicorn Status After $200 Million Funding Round

Harri Weber

Do you know something we should know about L.A. tech or venture capital? Reach out securely via Signal: +1 917 434 4978.

Harri is dot.LA's senior finance reporter. She previously worked for Gizmodo, Fast Company, VentureBeat and Flipboard. Find her on Twitter and send tips on L.A. startups and venture capital to harrison@dot.la.

Ecommerce shipment tracking startup Route—which is based in the “Silicon Slopes” hotbed surrounding Salt Lake City but has a growing presence in Los Angeles—is now claiming unicorn status after raising $200 million in new funding at a $1.25 billion valuation.

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